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Almost two out of every three CEOs (65 percent) responding to a recent survey said they plan to radically change their companies in the next two years in response to growing competitive and market pressures. But it won’t be easy; more than 80 per cent stated that their organizations have not been very successful at managing change in the past.

The goal of the research, undertaken by IBM in the U.S., was to capture CEOs’ current views on innovation and find out what they’re doing to enable innovation. It defines innovation as using new ideas, or applying current thinking in fundamentally different ways, to effect significant change.

CEOs are looking at new kinds of innovation to drive substantial organizational change and business growth, according to Ginni Rometty, senior vice president of IBM’s enterprise business services division. “It’s not just product innovation any more. It’s about understanding how to innovate a business model, or an operational process, or management behavior.”